Edmonton, Alberta – Canadian Western Bank (TSX: CWB) (CWB) today announced strong operating performance with common shareholders’ net income of $66 million and pre-tax, pre-provision income of $118 million, up 7% and 10%, respectively, from the first quarter last year. Total revenue of $212 million was up 10% from last year, including a 13% increase in net interest income, partially offset by 13% lower non-interest income. Net interest income growth reflects the benefits of 13% growth in average loans and a nine basis point increase in net interest margin to 2.61%. Lower non-interest income primarily reflects pre-tax gains of approximately $3 million realized from the CWT strategic transactions in the first quarter last year. Overall credit quality was strong with gross impaired loans representing 0.51% of gross loans at quarter-end, down from 0.56% last year. The provision for credit losses on total loans represented 24 basis points of average loans, compared to 18 basis points last year, with the difference largely reflecting provisions recognized on two general commercial loans. Non-interest expenses were up 9% and acquisition-related fair value changes were relatively unchanged. Diluted and adjusted cash earnings per common share of $0.75 and $0.80 were up 9% and 7%, respectively. Gains related to CWT strategic transactions contributed approximately $0.03 to adjusted cash earnings per common share in the first quarter last year.
FOR FURTHER INFORMATION CONTACT:
AVP, Investor Relations
CWB Financial Group
Email: [email protected]